UK abandons plan to cut taxes for wealthy

By Kate Holton and Kylie Maclellan
Updated October 3 2022 - 6:03pm, first published 6:01pm
British chancellor Kwasi Kwarteng and prime minister Liz Truss have made a humiliating tax U-turn. (AP PHOTO)
British chancellor Kwasi Kwarteng and prime minister Liz Truss have made a humiliating tax U-turn. (AP PHOTO)

The government of British Prime Minister Liz Truss has made a humiliating U-turn, reversing plans to cut the highest rate of income tax that sparked a rebellion in her party and turmoil in financial markets.

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